Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria - 2022

Contents:

1. Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (FOB) - 2022
2. Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (CIF) - 2022
3. Exports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria
4. Imports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria

Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (FOB) - 2022

In 2022, the average export price for lac; natural gums, resins, gum-resins and balsamses amounted to $931 per ton, surging by 19% against the previous year. In general, the export price, however, faced a abrupt decrease. Over the period under review, the average export prices reached the peak figure at $3,670 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($2,286 per ton), while the average price for exports to India ($536 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+2.8%), while the prices for the other major destinations experienced a decline.

Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (CIF) - 2022

The average import price for lac; natural gums, resins, gum-resins and balsamses stood at $3,906 per ton in 2022, picking up by 166% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($9,677 per ton), while the price for China ($1,376 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria

In 2022, approx. 3.7K tons of lac; natural gums, resins, gum-resins and balsamses were exported from Nigeria; with an increase of 22% compared with the previous year's figure. In general, exports saw a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 733%. Over the period under review, the exports of reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, exports of lac; natural gums, resins, gum-resins and balsamses soared to $3.5M in 2022. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 502%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Top Export Markets for Lac; Natural Gums, Resins, Gum-Resins and Balsams from Nigeria in 2022:

1. India (2099.7 tons)
2. Pakistan (516.2 tons)
3. Germany (369.0 tons)
4. Netherlands (250.0 tons)
5. France (135.0 tons)
6. China (110.0 tons)
7. Portugal (107.9 tons)
8. United Arab Emirates (72.8 tons)

Imports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria

In 2022, purchases abroad of lac; natural gums, resins, gum-resins and balsamses decreased by -97.2% to 58 tons, falling for the second consecutive year after two years of growth. In general, imports faced a dramatic curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 19%. As a result, imports reached the peak of 3.3K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of lac; natural gums, resins, gum-resins and balsamses dropped notably to $228K in 2022. Over the period under review, imports faced a significant decline. The pace of growth was the most pronounced in 2020 with an increase of 73%. As a result, imports reached the peak of $12M. From 2021 to 2022, the growth of imports of remained at a lower figure.

Top Suppliers of Lac; Natural Gums, Resins, Gum-Resins and Balsams to Nigeria in 2022:

1. China (38.2 tons)
2. India (16.6 tons)
3. Germany (3.0 tons)

Source: IndexBox Market Intelligence Platform